BEIJING, June 17 -- China will increase investment in projects focused on people's livelihood in order to stabilize growth and facilitate economic restructuring, China's cabinet said Wednesday.

The central government will invest more in upgrading the power grid in rural areas, building grain storage and sewage disposal facilities, relocating old urban industrial zones and other projects, according to a statement released after an executive meeting of the State Council, China's cabinet presided over by Premier Li Keqiang.

The government decided to implement a three-year action plan to renovate 18 million dilapidated urban houses and 10.6 million dilapidated rural houses.

In addition to construction projects such as railway and water conservation projects, the government will roll out projects in emerging sectors, modern manufacturing and logistics and urban rail transit.

The government will encourage financial institutions to streamline loan approval of major infrastructure and Public-Private-Partnership projects.